On What Do India’s Wealthy Spend Their Money?

What do India’s wealthy like to buy with their buckets of money?

Customized holiday packages, luxury watches, diamonds and jewelry, and home electronics (including fancy mobiles and high-end cameras) — in that order.They buy luxury cars, too, but not Ferraris and Lamborghinis as one would expect. More like Honda and Toyota, according to the study conducted by Kotak Wealth Management and rating and research firm Crisil Ltd.The wealthy here are defined as households with a minimum average net worth of 250 million rupees ($5.6 million) for the financial year ended March 31, 2011.

Researchers interviewed 150 super-wealthy individuals in India’s major cities of Mumbai, Delhi and Bangalore, and others like Hyderabad, Ahmedabad and Chennai to put together the study. Senior personnel at major global luxury brands, art gallery owners, product dealers and industry body representatives were also interviewed. Read more of this post